WILMINGTON, NC (WWAY) — The private development team looking to bring a ballpark and minor league baseball team to the Port City gave a presentation to Wilmington City Council Tuesday night, laying out the details of development, ownership and costs.
The proposed stadium owners and development team would be Flywheel, LLC and the Trask Land Company,Inc. Both Mandalay Baseball Properties and the Atlanta Braves would co-own the team. The city would end up getting a share of the revenues from Flywheel/Trask, which would include sales and consumption taxes.
“Also the flow of property taxes on the facility that would be on the private payrolls and part of the revenues put towards the city of Wilmington,” said Chet Roach, of Brailsford & Dunlavey.
The ballpark is projected to cost between $33 million and $36 million, not including the cost of land. The development team suggested taking out a 30-year loan, paying for about one third of the debt. The city would then be obligated to pay off the rest.
The economic impact from the ballpark is an estimated $62.7 million dollars and more than 600 jobs.
“The concessionaire specifically will spend $1.5 million with other local businesses on supplies, goods, services,” Roach says. “It’s a direct connection into the community.”
The ballpark site, however, is being kept hush-hush.
“As a lot of those negotiations are ongoing, the owners council has just advised us to keep those details confidential at this point,” Roach says.
Following the presentation, council members didn’t have any questions and only a few comments were made by Laura Padgett and Kevin 0’Grady.
National Sports Services, the company hired as a consultant by the city, will be reviewing the proposal. Wilmington City Council is expected to vote June 19 on how to move forward